Martin Lundstedt will follow Leif Östling as CEO of Scania Ab (OMX: SCV B) as the former is moving to the Board of Management of Volkswagen AG. Mr Lundstedt is an internal candidate. Executive Board will also have some new members, Dr. Harald Ludanek and Andrea Fuder from Volgswagen plus Kent Conradson and Henrik Henriksson. Some shuffling of the positions also results from Anders Nielsen being appointed Chief Executive Officer of MAN Truck & Bus AG.
There has often been speculation concerning the future of both MAN and Scania with various takeover scenarios going back and forth in the years past. Volgswagen now has 45.66% of shares and 70.95% of votes in Scania directly while MAN SE has 13.35% and 17.37%. Volgswagen has also through various dealings attained a controlling interest in MAN. Volgswagen would certainly want to see the two combined in some manner to realize synergies to take on Volvo (OMX: Volv B) and other large competitors.
The worry in Sweden is that Scania’s competences would be moving abroad and its importance gradually lessened within Volgswagen’s portfolio. The most recent move can be interpreted either way concerning such worries; many seem to think that Östling will be able to oversee in his new post, that no foul play is going on
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